A few microeconomics questions. 1. All of the following are human capitol EXCEPT

Question

A few microeconomics questions.

1. All of the following are human capitol EXCEPT:

A. Working in a factory

B. Obtaining a college degree

C. Receiving training for another area in a current job

D. Completing a professional development course

2. Which of the following is NOT part of a market economy?

A. Most economic decisions are made by central governments

B. Product prices are the principal mechanism for communication information in the system

C. Consumers are free to decide what goods and services to purchase

D. The government plays a primary role in protecting private property rights

3. If a pizza parlor uses an oven in its production process, the oven is an example of which factor of production?

A. Capital

B. Entrepreneurial ability

C. Labor

D. Land

4. A laissez-faire approach to the question of "how to produce" would be found in a:

A. Socialist economy

B. Communist economy

C. Market economy

D. Planned economy

Explanation / Answer

1. All of the following are human capitol EXCEPT:

B. Obtaining a college degree

all skilled human beings consider as human capital.

2. Which of the following is NOT part of a market economy?

D. The government plays a primary role in protecting private property rights

This is not part of a market economy because government may play primary role to protecting private property rights. Because the mutual understanding between government with privet people.

3. If a pizza parlor uses an oven in its production process, the oven is an example of which factor of production?

A. Capital

In the pizza production process an oven is the electronic machine to make the pizza hence it is a capital.

4. A laissez-faire approach to the question of "how to produce" would be found in a:

C. Market economy

Here decisions regarding investment, production, and distribution are based on market determined supply and demand, and prices of goods and services are determined in a free price system.

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